resident aliens. J-1 aliens who are U.S. resident aliens for the entire taxable year must report their entire worldwide income on Form 1040, U.S. Individu...

It is unlikely, although not impossible, that both spouses will need extended long term care coverage. By purchasing a joint policy, couples can reduce th...

Depreciable property used in your trade or business or used as rental property, even if the property is fully depreciated (or amortized), is not a capital...

Attach to the front of the Form 1040X: – A copy of any Forms W-2, W-2c (a corrected Form W-2), and 2439 that support changes made on the return – A copy o...

The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked. Tax deductions allow individuals and companies to sub...

Under normal circumstances, many travel nurses have the potential to earn over $3,000 per week. Travel nurses can bring in over $50 per hour, plus company...

Losing a loved one is difficult. When preparing and filing a deceased taxpayer’s final Form 1040 (U.S. Individual Income Tax Return), it is important to c...

A dependent care reimbursement account allows employees to set aside some pretax income (up to $5,000 in 2014) for the express purpose of paying for depen...

Since an HSA isn’t a type of insurance, it comes down to you as a self-employed individual needing to have an HSA-compatible health plan. According to HSA...

Comprehensive tax-based assessment method. Foreign-sourced income is the difference between total (pre-tax) foreign income and the deductions that would b...